WITH A WEALTH OF INR 17,500 CR ZERODHA’S NIKHIL KAMATH, 36, TOPS THE LIST, FOLLOWED BY BHAVISH AGGARWAL OF OLA ELECTRIC, 37, WITH INR 11,700 CR AND MEDIA.NET’S DIVYANK TURAKHIA, 40, WITH WEALTH OF INR 11,200 CR EACH
53 INDIAN-ORIGIN ENTREPRENEURS AGED UNDER 40
15 NEW ENTRANTS, OF WHICH ALL OF THEM ARE START-UP FOUNDERS
ALAKH PANDEY, POPULARLY KNOWN AS ‘PHYSICS WALLAH’ AND HIS CO-FOUNDER PRATEEK BOOB DEBUTED IN THE LIST AND BOTH ARE RANKED AT 399 POSITION WITH A WEALTH OF INR 4,000 CRORE WITH THEIR EDTECH PHYSICS WALLAH TURNING UNICORN
CO-FOUNDER OF CONFLUENT, A STREAMING DATA TECHNOLOGY COMPANY, NEHA NARKHEDE AGED 37 IS THE YOUNGEST SELF-MADE WOMAN ENTREPRENEUR IN INDIA
IIFL WEALTH HURUN INDIA 40 AND UNDER SELF-MADE ENTREPRENEURS CUMULATIVELY ADDED A WEALTH OF INR 1,85,000 CR, REGISTERING AN INCREASE OF 12% COMPARED TO LAST YEAR
WITH 14 INDIVIDUALS, BENGALURU IS THE MOST PREFERRED CITY FOR BUSINESS HQ FOR THESE YOUNG WEALTH CREATORS, FOLLOWED BY NEW DELHI AND MUMBAI WITH 8 EACH
SIX FROM THE LIST LOCATED OUTSIDE OF INDIA
AVERAGE AGE 34; AT 19, ZEPTO’S KAIVALYA VOHRA IS THE YOUNGEST SELF-MADE ENTREPRENEUR IN THE LIST
Bengaluru, 28 September 2022: IIFL Wealth and Hurun India today released the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022, a ranking of the self-made entrepreneurs with a wealth of INR 1,000 Cr, aged forty years and under from India. Wealth calculations are a snapshot of 30th August
- This list follows on from the IIFL Wealth Hurun India Rich List 2022released on 21st September 2022.
Speaking about the 40 & Under Self-Made India Rich List, Shajikumar Devakar, Executive Director, IIFL Wealth, said, “The IIFL Wealth Hurun India 40 & Under Self-Made Rich List acknowledges and encourages the young leaders who believed in innovation and successfully transformed the industry. We are proud to witness that there are almost 53 Indian-origin entrepreneurs who are aged under 40. We truly celebrate these top change makers. The current wave of start-ups and entrepreneurship has set global benchmarks and driving domestic players to compete with foreign competitors. It is encouraging to witness that the entrepreneurial ecosystem has emerged as one of the pillars of the new knowledge economy and created significant employment, wealth and opportunities. We, at IIFL Wealth believe India’s start up ecosystem will continue to generate wealth for individuals and the nation.”
Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, “The unprecedented wealth creation in the past five years in India, when other countries are stalling and are in a recessionary mode, reaffirms India as the ‘engine of growth for the global economy’. IIFL Wealth Hurun India 40 & Under Self-Made Rich List represents the list of most attractive start-ups and entrepreneurs who are driven by growth and innovation and were able to achieve remarkable achievements in their respective industries. The cumulative wealth of the entrants in 40 & Under Self-made List has increased by 11% in comparison to last year, currently standing at INR 1,83,700 crore highlighting the increasing rate of entrepreneurship that exists in the ecosystem. The IIFL Wealth and Hurun 40 & Under Self-made List is designed with an aim to encourage more young people to explore entrepreneurship by learning through the stories of many successful under 40 entrepreneurs.
Our report’s mission is to promote entrepreneurship through its lists and research. The stories of the people from the IIFL WEALTH HURUN INDIA RICH LIST 2022 list tell the story of the Indian economy. Hurun India has managed to bring the cut-off of the Hurun India rich list down to 1,000 crores from 1,800 crore eleven years ago. This enables us to tell exciting stories about local heroes from smaller cities and towns – stories that might otherwise get missed. concluded Anas Rahman Junaid.
The Top 10
The list includes the details of all the entrepreneurs featured in the IIFL Wealth Hurun India Rich List 2022, who are at or below the age of 40.
Table 1: The Top 10 in IIFL Wealth Hurun India 40 & Under Self-Made Rich List
Rank | Name | Wealth INR Cr | Change % | Company | Age | City of Residence |
1 | Nikhil Kamath | 17,500 | 9% | Zerodha | 36 | Bengaluru |
2 | Bhavish Aggarwal | 11,700 | 56% | Ola Electric | 37 | Bengaluru |
3 | Divyank Turakhia | 11,200 | -10% | Investments | 40 | Dubai |
4 | Nakul Aggarwal | 9,900 | -20% | BrowserStack | 37 | Mumbai |
4 | Ritesh Arora | 9,900 | -20% | BrowserStack | 38 | Mumbai |
6 | Binny Bansal | 8,100 | 1% | Flipkart | 39 | Bengaluru |
7 | Ritesh Agarwal | 6,300 | 0% | OYO | 28 | New Delhi |
8 | Harshil Mathur | 5,500 | 57% | Razorpay | 31 | Bengaluru |
8 | Shashank Kumar | 5,500 | 57% | Razorpay | 32 | Bengaluru |
10 | Neha Narkhede & family | 4,700 | -61% | Confluent | 37 | Palo Alto |
Source: IIFL Wealth Hurun India Rich List 2022
Where they live
47 of the 53 entrepreneurs reside in India. India’s Silicon Valley, Bengaluru has the highest number of IIFL Wealth Hurun India Rich Listers aged under 40.
Table 2: Geographical distribution of IIFL Wealth Hurun India 40 & Under Self-Made Rich List
Rank | City of Residence | No. of Individuals in the list | Richest Individual | Wealth
INR Cr |
1 | Bengaluru | 14 | Nikhil Kamath | 17,500 |
2 | Mumbai | 8 | Nakul Aggarwal
Ritesh Arora |
9,900
9,900 |
2 | New Delhi | 8 | Ritesh Agarwal | 6,300 |
4 | Gurugram | 4 | Varun Alagh & Ghazal Alagh | 3,000 |
5 | Dubai | 2 | Divyank Turakhia | 11,200 |
5 | Thane | 2 | Aaditya Sharda
Souvik Sengupta |
2,100
2,100 |
5 | Hyderabad | 2 | Varun Khaitan | 1,900 |
Source: IIFL Wealth Hurun India Rich List 2022
Industry-wise break up
Software & Services and Financial Services are the major contributors of wealth for entrepreneurs under the age of 40.
Table 3: Top 5 Contributing Industries IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022
Rank | Industry | Individuals | Richest Person | Wealth
INR Cr |
1 | Software & Services | 12 | Nakul Aggarwal, Ritesh Arora | 9,900 |
2 | Financial Services | 9 | Nikhil Kamath | 17,500 |
3 | Transportation & Logistics | 6 | Sriharsha Majety | 3,600 |
3 | Education & Training | 6 | Prateek Boob, Alakh Pandey | 4,000 |
5 | Retail | 5 | Varun Alagh & Ghazal Alagh | 3,000 |
5 | Entertainment | 5 | Shubham Malhotra, Sai Srinivas | 2,600 |
Source: Hurun Research Institute, IIFL Wealth Hurun India Rich List 2022
IIFL Wealth Hurun India Rich List 2022 – Key Highlights
HURUN INDIA FINDS 1,103 INDIVIDUALS WITH INR 1,000 CRORE, UP BY 96, FIRST TIME TO BREAK THROUGH THE 1,100 MARK, AN INCREASE OF 62% OVER THE LAST FIVE YEARS.
FOR THE FIRST TIME SINCE THE LAUNCH OF HURUN LISTS, CUMULATIVE WEALTH OF IIFL WEALTH HURUN INDIA RICH LISTERS GROWS TO INR 100 LAKH CRORE – MORE THAN THE COMBINED GDPS OF SINGAPORE, UAE AND SAUDI ARABIA.
ADDING INR 1,600 CRORE PER DAY OVER THE LAST YEAR, AND WITH A WEALTH OF INR 10,94,400 CRORE, GAUTAM ADANI (60), OVERTAKES MUKESH AMBANI (65), TO SECURE THE RICHEST INDIAN TITLE FOR THE FIRST TIME.
A 5 LAKH CRORE CATCHUP: IN 2021, MUKESH AMBANI WAS AHEAD OF ADANI’S WEALTH BY INR 2 LAKH CRORE, WHEREAS IN 2022, ADANI IS AHEAD OF AMBANI BY INR 3 LAKH CRORE.
ADDING INR 41,700 CRORE TO REGISTER A CUMULATIVE WEALTH OF INR 205,400 CRORE, CYRUS POONAWALLA (81) STORMS INTO THIRD POSITION IN IIFL WEALTH HURUN INDIA RICH LIST 2022.
A TEENAGER DEBUTS THE LIST! THE YOUNGEST ON THE LIST IS 19-YEAR-OLD KAIVALYA VOHRA WHO FOUNDED ZEPTO. THE YOUNGEST, TEN YEARS AGO, WAS 37 AND TODAY, IS 19, INDICATING THE IMPACT OF THE STARTUP REVOLUTION.
FOR THE FIRST TIME, 100 STARTUP FOUNDERS, WITH A CUMULATIVE WEALTH OF INR 5,06,000 CRORE AND AVERAGE AGE OF 40, FEATURE IN IIFL WEALTH HURUN INDIA RICH LIST 2022
PHARMA TYCOON DILIP SHANGHVI (66), BANKING MAGNATE UDAY KOTAK (63), OF KOTAK MAHINDRA BANK REENTERED TOP 10 OF THE IIFL WEALTH HURUN INDIA RICH LIST 2022 AT THE EXPENSE OF JAY CHAUDHARY (63) AND KUMAR MANGALAM BIRLA (55).
12 INDIVIDUALS WORTH INR 1 LAKH CRORE OR MORE, DOWN FROM 13 ON LAST YEAR’S IIFL WEALTH HURUN INDIA RICH LIST.
221 DOLLAR BILLIONAIRES, DOWN 16 AS COMPARED TO LAST YEAR, AND 4 TIMES SINCE HURUN INDIA STARTED TEN YEARS AGO.
A RECORD 735 ENTREPRENEURS OR 67% ARE SELF-MADE IN THE LIST, UP FROM 659 LAST YEAR, AND UP FROM 54% FIVE YEARS AGO. 79% OF NEW FACES THIS YEAR ARE SELF-MADE.
WITH 126 ENTREPRENEURS, PHARMACEUTICAL SECTOR CONTRIBUTED THE MOST INDIVIDUALS TO IIFL WEALTH HURUN INDIA RICH LIST 2022 FOLLOWED BY CHEMICALS & PETROCHEMICALS (102) AND SOFTWARE & SERVICES (84). 24 SAW WEALTH DOUBLE IN THE LIST, LED BY 5 FROM TEXTILES FOLLOWED BY INDUSTRIAL PRODUCTS WITH 4.
PRANNOY ROY AND WIFE RADHIKA ROY OF NDTV ENTERED THE LIST (681 RANK) WITH A COMBINED WEALTH OF INR 2,000 CRORE AFTER ADANI ENTERPRISES ACQUIRED A STAKE AND ANNOUNCED AN OPEN OFFER FOR THE COMPANY.
ALAKH PANDEY, POPULARLY KNOWN AS ‘PHYSICS WALLAH’ AND HIS CO-FOUNDER PRATEEK BOOB DEBUTED IN THE LIST AND BOTH ARE RANKED AT 399TH POSITION WITH A WEALTH OF INR 4,000 CRORE ON THE BACK OF THEIR STARTUP-PHYSICS WALLAH, TURNING UNICORN.
602 INCREASED THEIR WEALTH, OF WHICH 149 ARE NEW FACES.
415 SAW THEIR WEALTH GO DOWN. 50 DROPOUTS. 4 PASSED AWAY.
WITH THE SUCCESSFUL LISTING OF THE BEAUTY AND WELLNESS E-COMMERCE PLATFORM-NYKAA, FALGUNI NAYAR, 59, OVERTAKES ‘BIOTECH QUEEN’ KIRAN MAZUMDAR-SHAW, 68, TO BECOME THE RICHEST SELF-MADE INDIAN WOMAN IN THE IIFL WEALTH HURURN INDIA RICH LIST 2022.
CO-FOUNDER OF CONFLUENT, A STREAMING DATA TECHNOLOGY COMPANY, NEHA NARKHEDE AGED 37 IS THE YOUNGEST SELF-MADE WOMAN ENTREPRENEUR IN THE LIST.
FOR THE FIRST TIME, GURUGRAM DEBUTED IN THE TOP 10 CITIES PRODUCING MOST NUMBER OF ENTRANTS. WITH 283 INDIVIDUALS, MUMBAI TOPS IIFL WEALTH HURUN INDIA RICH LIST 2022 FOLLOWED BY NEW DELHI (185) AND BENGALURU (89); MUMBAI ADDED 28 AND CONTINUES TO PULL AWAY FROM OTHER CITIES.
IIFL WEALTH HURUN INDIA RICH LIST 2022 ADDED A RECORD 149 NEW FACES, FROM 32 INDUSTRIES AND 36 CITIES.
14 PROFESSIONAL MANAGERS MADE IT TO THE LIST. WITH INR 12,100 CRORE, CALIFORNIA-BASED THOMAS KURIAN, 62, IS THE RICHEST, WHO ENCASHED HIS STAKE IN ORACLE; WITH INR 6,500 CRORE, IGNATIUS NAVIL NORONHA, 47, OF AVENUE SUPERMARTS IS THE RICHEST CEO BASED IN INDIA TO FEATURE IN THE IIFL WEALTH HURUN INDIA RICH LIST 2022.
WITH AN INCREASE IN WEALTH OF 376%, RAVI MODI OF VEDANT FASHIONS IS THE BIGGEST GAINER IN THE LIST FOLLOWED BY FALGUNI NAYAR & FAMILY (345%) AND RAFIQUE ABDUL MALIK & FAMILY (240%) OF METRO BRANDS, A MULTI-BRAND FOOTWEAR RETAIL CHAIN. ADANI AND AMBANI ARE THE BIGGEST GAINERS IN TERMS OF ABSOLUTE WEALTH.
65 FOUNDERS OF 37 UNICORNS MADE IT TO THE IIFL WEALTH HURUN INDIA RICH LIST 2022.
13 PEOPLE BORN IN THE 90S MADE IT TO THE IIFL WEALTH HURUN INDIA RICH LIST 2022-ALL SELF-MADE.
CHEMICALS IS THE FASTEST GROWING INDUSTRY, ADDING 20 NEW FACES.
THE AVERAGE AGE OF THE LIST IS 63, UNCHANGED FROM LAST YEAR. THE AVERAGE AGE OF WOMEN IN THE LIST IS 61.
WITH 118 LAKH FOLLOWERS ON TWITTER, RATAN TATA, 84, IS THE MOST FOLLOWED ENTREPRENEUR FROM IIFL WEALTH HURUN INDIA RICH LIST ON INDIAN SOCIAL MEDIA, FOLLOWED BY ANAND MAHINDRA WITH 9.7 MILLION FOLLOWERS.
STAR SIGNS: ADDING 32% WEALTH, CANCER RETAINS THE TOP SPOT FOR THE SECOND CONSECUTIVE YEAR FOLLOWED BY VIRGO AND LIBRA, WHO OVERTOOK GEMINI AND TAURUS RESPECTIVELY.OVERALL, SCORPIO AND VIRGO MADE THE BEST ENTREPRENEURS IN INDIA, LEADING THE WAY WITH 9.5% OF THE LIST EACH, FOLLOWED BY LEO.
THE WORLD’S LARGEST RICH LIST PROVIDER HURUN LAUNCHES THE 11TH ANNIVERSARY EDITION OF HURUN INDIA RICH LIST, IN ASSOCIATION WITH IIFL WEALTH.
Table 4: Top 15 IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022. For the full list, refer www.hurunindia.net
Rank | Name | Wealth
(INR Cr) |
Company | Industry |
1 | Nikhil Kamath | 17,500 | Zerodha | Financial Services |
2 | Bhavish Aggarwal | 11,700 | Ola Electric | Automobile & Auto Components |
3 | Divyank Turakhia | 11,200 | Investments | Investments |
4 | Nakul Aggarwal | 9,900 | BrowserStack | Software & Services |
4 | Ritesh Arora | 9,900 | BrowserStack | Software & Services |
6 | Binny Bansal | 8,100 | Flipkart | Investments |
7 | Ritesh Agarwal | 6,300 | OYO | Hospitality |
8 | Harshil Mathur | 5,500 | Razorpay |
…